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Home sales: How to determine your “basis”

By |2021-04-16T20:02:48+00:00April 16th, 2021|Latest News|

The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. Most other home ownership costs can’t

Changes to premium tax credit could increase penalty risk for some businesses

By |2021-04-16T20:00:06+00:00April 16th, 2021|Latest News|

The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made several significant enhancements

New law tax break may make child care less expensive

By |2021-03-25T14:05:11+00:00March 25th, 2021|Latest News|

The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed. Note that a credit reduces your

COBRA provisions play critical role in COVID-19 relief law

By |2021-03-25T14:02:38+00:00March 25th, 2021|Latest News|

During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the recently passed American Rescue Plan Act (ARPA)

New COVID-19 relief law extends employee retention credit

By |2021-03-25T13:55:19+00:00March 25th, 2021|Latest News|

Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again. The original credit As originally introduced under last year’s CARES Act, the ERC

New law: Parents and other eligible Americans to receive direct payments

By |2021-03-16T21:04:16+00:00March 16th, 2021|Latest News|

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the

Estimated tax payments: The deadline for the first 2021 installment is coming up

By |2021-03-16T21:02:16+00:00March 16th, 2021|Latest News|

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money or other income.

5 ways to streamline and energize your sales process

By |2021-03-16T20:59:51+00:00March 16th, 2021|Latest News|

The U.S. economy is still a far cry from where it was before the COVID-19 pandemic hit about a year ago. Nonetheless, as vaccination efforts continue to ramp up, many experts expect stronger jobs growth and more robust economic activity in the months ahead. No matter what your business does, you don’t want your sales

Retiring soon? Recent law changes may have an impact on your retirement savings

By |2021-03-05T17:28:41+00:00March 5th, 2021|Latest News|

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of

PPP adjusted to prioritize very small businesses

By |2021-03-05T17:26:37+00:00March 5th, 2021|Latest News|

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15 billion

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